Latest news with #WarburgPincus-backed
Mint
26-05-2025
- Business
- Mint
Warburg bet on this company three years ago. Now Temasek, ADIA are lining up.
Warburg Pincus-backed Micro Life Sciences Pvt. Ltd is in advanced talks to raise capital from Singapore's Temasek Holdings and the UAE's Abu Dhabi Investment Authority (ADIA) ahead of a planned initial public offering (IPO), three people aware of the development said. 'The current funding round is expected to be around $250-300 million," one of the people cited above said. The company is likely to go public over the next 12-18 months, the second person added. 'The (valuation) ask is around ₹65,000 crore, which is more than 40 times its Ebitda," the third person said, adding the company reported an earnings before interest, tax, depreciation and amortization or Ebitda of around ₹1,300 crore in FY25. All three people spoke on the condition of anonymity. Also read | Temasek-backed Manipal Health eyes a $1 bn IPO, calls banker pitches Temasek, ADIA, and Warburg Pincus declined to comment on Mint's queries, while a response from Micro Life was unavailable until press time. The Vapi, Gujarat-based Bilakhia family founded Micro Life Sciences in 2006. The company has multiple subsidiaries, with the most prominent being Meril Life Sciences. The Bilakhia group, founded by Gafurbhai Bilakhia, is now managed by his three sons, Yunus Bilakhia, Jakir Bilakhia and Anjum Bilakhia. The company operates in healthcare, investment and real estate through its subsidiaries. Individually evaluating 'Investment firms are individually evaluating, and bids are likely to go in next month," the third person added. At a valuation of ₹65,000 crore, Warburg Pincus, which invested $210 million in Micro Life three years ago at a valuation of over $1.8 billion, may be sitting on a fourfold gain in its investment. 'At that value, only a sovereign fund or a state-backed investor can do a deal, given their cost of capital is low," the third person said. Also read | IDFC First Bank to raise ₹7,500 crore from Warburg Pincus, ADIA Meril, a key subsidiary of Micro Life, makes coronary stents, peripheral stents, balloon catheters, and heart valves. Micro Life Sciences reported a total income of ₹3,495 crore in FY24, against ₹2,359 crore in FY23, according to a Care Ratings report dated 8 October, 2024. It reported a profit after tax of ₹333 crore in FY24, against ₹505 crore in FY23. Profit in FY23 included a 'fair value gain of ₹298 crore from the derecognition of JV investment,' Care Ratings said. 'In terms of sales mix, in FY24, Micro earned ~40% of its revenue from cardiac implants (major products: stents, balloon and heart valves), 40% from orthopaedic implants (major products: knee implants, hip implants, and surgical robots) and 10% each from the diagnostic segment and the surgical segment (major products: sutures and mechanical closures)," the note said. The report added that in some segments, the company saw 'stable to marginally higher sales realization", leading to better gross margins. Micro's gross margins improved to 72.80% in FY24 from 64.64% in FY23 on better product mix. Arms in 25 countries The Micro group has subsidiaries in more than 25 countries including Germany, Turkey, the US, Russia, South Africa, Brazil, Bangladesh, Australia, China, and the UK. The company sells its products in over 100 countries directly and through its overseas subsidiaries, with export sales realization being much higher than domestic. Also read | Haldiram's confirms stake sale to IHC, Alpha Wave Global post Temasek deal The Indian medtech ecosystem has seen tremendous investor interest in recent years. In 2024, KKR won a bidding war to acquire Healthium from Apax Partners, while Warburg Pincus invested over $300 million in Appaswamy Associates. Morgan Stanley Private Equity Asia invested ₹1,000 crore in Maiva Pharma, an injectables maker.
Time of India
15-05-2025
- Business
- Time of India
Capillary Tech buys assets of customer loyalty services firm Kognitiv
Capillary Technologies, backed by Warburg Pincus, has acquired assets from the bankrupt Canadian firm Kognitiv, expanding its North American presence and gaining access to over 30 enterprise clients. This acquisition marks Capillary's third in North America as it prepares for a public offering later this year. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Bengaluru-based Capillary Technologies , which provides customer engagement and loyalty software services, said that it acquired certain assets of Kognitiv , a Canadian company that helps clients manage their customer loyalty terms of the deal were had last month filed for protection from creditors under the bankruptcy law in the US, after having accumulated liabilities of more than $10 Warburg Pincus-backed Capillary, which is planning to go public later this year, this is its third acquisition in North company derives more than 60% of its revenue from the US market. The deal will give Capillary access to more than 30 enterprise clients including leading hotel companies in Australia and New Zealand, the UK, Middle East and the US, the company said in a news to sources, Capillary is acquiring a part of Kognitiv's assets without taking its debt Reddy, cofounder and CEO of Capillary Technologies, said: 'Kognitiv's expertise in omnichannel loyalty solutions and their presence in North America complements our global expansion strategy.'For the year ended March 2025, the company reported a 24% year-on-year increase in operating revenue to Rs 598 crore. Capillary turned profitable during fiscal 2025, posting a net profit of Rs 13 crore, against a net loss of Rs 59 crore in FY24, as per its annual November last year, ET reported that Capillary revived its plans for a public issue , through which it could raise as much as Rs 2,000 crore. The company had first filed its draft prospectus with the Securities and Exchange Board of India in December 2021 but then deferred the June 2023, Capillary raised $45 million through a mix of equity and debt from investors including Avataar Ventures and its limited partners, in addition to Pantheon, 57Stars and Unigestion. The round was extended in early 2024 to include secondary transactions, during which Warburg Pincus and American Express partially exited. The round finally closed at $140 Technologies was founded in 2008 by IIT-Kharagpur alumni Aneesh Reddy, Ajay Modani and Krishna Mehra. Modani and Mehra have since moved on from the business, leaving Reddy at the helm. In August 2023, the company elevated senior executives Sridhar Bollam and Ananth Choubey to the cofounder company powers backend loyalty programmes for major corporations and conglomerates such as the Tata Group, Aditya Birla Group, Domino's, Shell, and IndiGo.
Time of India
12-05-2025
- Business
- Time of India
Fusion Finance raises Rs 800 crore via rights issue
Warburg Pincus-backed Fusion Finance has raised ₹800 crore through a rights issue, with strong participation from existing institutional investors, including promoter Honey Rose Investment Ltd (an affiliate of Warburg Pincus LLC) and Creation Investments Fusion LLC. The company said the additional capital will be used to strengthen its balance sheet, enabling it to seize emerging opportunities and continue delivering long-term value to stakeholders. In a filing with the stock exchanges, Fusion Finance said the rights issue—launched on April 15, 2025—received robust backing from institutional shareholders, reaffirming investor confidence in the company's growth trajectory and business fundamentals. Shares of the Delhi-based non-banking finance company surged 8.37% intraday on Monday to ₹166. The rights issue comprised up to 6.11 crore partially paid-up equity shares at ₹131 per share (including a ₹121 premium), aggregating to ₹799.86 crore. Proceeds will be used to bolster the company's capital adequacy, further strengthening its position in India's competitive microfinance sector, the company said in a May 12 exchange filing. Live Events ETMarkets WhatsApp channel )
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Business Standard
12-05-2025
- Business
- Business Standard
Fusion Finance shares rise over 8% after Rs 800-cr rights issue success
Shares of Fusion Finance jumped over 8 per cent after the Warburg Pincus-backed firm successfully concluded its Rs 800-crore rights offering. The fully paid shares of Fusion Finance surged 8.4 per cent to end at Rs 165.5, while the partly paid shares rose 10 per cent to Rs 96. The rights issue—the largest successfully concluded so far this calendar year—was oversubscribed 1.5 times. It saw strong participation from existing shareholders, including Honey Rose Investment (a Warburg Pincus affiliate) and Creation Investments Fusion. As on 2 May, Honey Rose held about 35.2 per cent stake in the company, while Creation Investments held 16.83 per cent. Both are categorised as promoters. Among public shareholders, HDFC Mutual Fund and Nippon MF held 4.21 per cent and 3.97 per cent, respectively. The microfinance lender issued 61.1 million partially paid-up equity shares at Rs 131 each. Eligible shareholders could apply for 55 shares for every 91 held, paying 50 per cent (Rs 65.5 per share) upfront and the balance later. The proceeds will bolster Fusion Finance's balance sheet, fuelling growth opportunities. 'The additional capital will reinforce our balance sheet, enabling us to capitalise on the emerging opportunities while continuing to deliver sustainable value to all stakeholders,' said Devesh Sachdev, Managing Director, Fusion Finance. With close to 3.7 million clients, Fusion Finance provides financial services to underserved and unserved women entrepreneurs in rural areas. It has assets under management (AUM) of Rs 10,600 crore and a network of 1,506 branches spread across 22 states. Investec, in a note in April, said the 'worst seems to be over' for the Indian microfinance industry and that one can expect a gradual recovery and consolidation in this space.
